Veraz Petroleum Ltd. (formerly North American Vanadium Inc.) - Execution of Exploration Agreement

    VANCOUVER, Oct. 24 /CNW/ - CNQ:VRAZ - Veraz Petroleum Ltd. (the
"Corporation" or "Veraz"), is pleased to announce that the formal signing of
the agreement (the "Exploration Agreement") to explore Ucayali Block 126, Peru
(the "Block") occurred on October 23, 2007 in Lima, Peru. The ceremony
included the Minister of Energy and Mines, senior members of Petroperu and
roughly 150 invited guests.
    The Exploration Agreement provides the Corporation with the exclusive
right to explore for and develop hydrocarbons on the 2.5 million acre Block
located in east central Peru and entitles Veraz to a 90% working interest
subject to standard royalties payable to the Government of Peru. The
Corporation intends to begin exploration and development activities as soon as
possible. To date, only three wells have been drilled and the focus of any
preliminary work will be on the previous exploration work completed on the
Block in the 1980's, which confirmed the presence of hydrocarbons.
    Pursuant to the Exploration Agreement, Veraz has been issued a seven
year, five stage exploration permit. Each stage has commitments that must be
met before the next stage can be undertaken. As an initial step, the
Corporation will reprocess 1200 km of existing 2D seismic data. Much of this
data, which was primarily acquired in the mid to late 1980's, has not been
re-evaluated using contemporary processing techniques.
    Gerardjan ("Oppe") Cosijn, President and CEO of the Corporation, says
that "the most exciting aspect of the Block is that a previous well, which
tested oil, confirmed the presence of hydrocarbons in the area. Veraz is very
excited about this opportunity and looks forward to working in Peru in a
socially and environmentally conscious fashion."
    The Corporation further announces that 1,390,100 warrants of the
Corporation have been recently exercised, resulting in there being 28,046,831
shares of the Corporation outstanding and positive working capital in excess
of $1.0 million.

    Veraz is a junior international exploration company based in western
Canada and listed on the Canadian Trading and Quotation System Inc. (CNQ)
under the symbol VRAZ.

For further information:

For further information: Gerardjan ("Oppe") Cosijn, President and Chief
Executive Officer, Phone: (403) 303-3759, Fax: (403) 264-8163, Email:

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Veraz Petroleum Ltd.

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